Philips Healthcare, GE Healthcare and Siemens Healthcare are looking to expand their operations in India with acquisitions, technology launches and country-specific products planned over the next two years.
Philips Healthcare India, a unit of the Royal Philips Electronics, plans to launch its Brilliance iCT scanner in India this year.
“The company is also open to local acquisitions, and is developing market-specific diagnostic and other medical devices at its research center in Bangalore,” Anjan Bose, senior director and business head of Philips Healthcare, told the Wall Street Journal (WSJ).
Siemens Healthcare, which bought Bayer Diagnostics India in 2006 as part of a $5.3 billion acquisition by its parent company, has strengthened its presence in India over the past year, adding new technologies almost every month, reported the WSJ.
In June, Siemens launched its Somatom scanner at KG Hospital and Post Graduate Medical Institute in Tamil Nadu, India. In May, Siemens a installed an imaging system to detect early-stage cancer at Piramal Diagnostics in Mumbai, India, days after it said it would install an MRI system at the Aatmajyoti MRI Centre in Gujarat, India, according to the WSJ.
“We are in the process of introducing several products addressing the needs of various market segments,” Siemens Healthcare India’s Executive Vice President D. Raghavan told the WSJ.
GE Healthcare plans to acquire local diagnostic equipment makers to boost its growth in India and expand its reach in semi-urban and rural markets, the WSJ reported.
“We are open to such deals in India since our current growth plan includes organic expansion as well as strategic acquisitions,” said V. Raja, GE Healthcare South Asia CEO.
The WSJ reported that the radiology segment accounts for about 15 percent of the annual $2.1 billion Indian medical devices market, and is growing at 16 to 18 percent per year.